As of writing this, bitcoin is fully controlled by bears. It’s broken below numerous key areas of support. Currently it seems to be finding some support near the bottom of the $3,800-$3,600 support zone. It was unable to decisively break back above $4,000. The next area of support lies between $3,400 and $3,250. If price decisively breaches $3,600, expect a drop to at least $3,400.

The 1 week RSI is nearly oversold. Anything below 25 on the weekly RSI is a decent place to dollar cost average into a long position. That said, don’t go heavy. Things may well get uglier before they get better, but I do believe they will get better…MUCH better! I stand by my statement that Bitcoin will be at all time highs by fall of next year.

In today’s video analysis I give an overview of the current market, discuss where price may be heading next, trading strategies and so much more. I hope you find it helpful.

Video Analysis:

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing. 

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Responses

  1. Zeus69

    Hey workin, great to see you back buddy, been long my man.
    Fantastic TA once again, I wish i could afford BTC, way beyond my SA currency, LOL
    But I will buy some ETH and EOS when the time is right.
    Thanks bud.
    Regards,
    Mark (Zeus69)

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    1. Workin2005 Post author

      $3,600 has been surprisingly resilient. Shorts orders have kept price from further collapse.If longs start to stack and shorts take profit, watch out below. If not, we may just get a nice short squeeze back above $4k.

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